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Question ID : 41097

CONVERSION OF PROPRIETORSHIP INTO PARTNERSHIP OR MERGE BOTH PROPRIETORSHIP FIRMS

Thank You CA Chunauti dholakia for you answer (ID :81181 dated 07/07/2021 for question ID: 41091) I have another question that If 2017 firm become partner without dissolving proprietorship concern can he/she continue to accept tax audits in his/her proprietorship concern? or after constituting partnership firm all work has to be done through partnership concern? By having proprietorship along with partnership firm will it be affect negatively for partnership in having tenders of govt. projects? should I merge my proprietorship after creating partnership?

Posted by JYOTI MAHAJAN on Jul 14, 2021

Filed Under MERGER & ACQUISITION

Answer ID : 81239

Whether it is a firm or Individual/Proprietary No restrictions on conducting Tax Audit but number of Audits should not exceed limit fixed by ICAI firm and proprietary concerns combined together

Posted by Hari Beldona on Aug 24, 2021